Bipartisan bill seeks to ban sports betting on Kalshi and Polymarket [Yahoo! Finance]
DraftKings Inc. - Class A (DKNG)
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Source: Yahoo! Finance
Senators Adam Schiff (D-CA) and John Curtis (R-UT) introduced a bill on Monday that could prevent prediction market platforms Kalshi and Polymarket from allowing users to wager money on sports events or play casino-style games. This bipartisan bill would not apply to FanDuel and DraftKings, which are subject to state-by-state gambling laws, rather than federal ones. “Sports prediction contracts are sports bets — just with a different name. And yet, these contracts are currently offered in all fifty states in clear violation of state and federal law,” Schiff said in a statement. Gambling has become more prominent in American culture after a 2018 Supreme Court decision that made it possible for states to legalize sports betting. Total sports wagers grew from $4.9 billion in 2017 to $121.1 billion in 2023. Most major professional sports leagues now have contracts with gambling companies, even as star athletes face possible prison time for their alleged roles in money laundering co
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Sec Filings
- 3/26/26 - Form SCHEDULE
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- 3/26/26 - Form DEFA14A
- DKNG's page on the SEC website